An affiliate of Vestis acquired all of the outstanding shares of Sport
Chalet. Sport Chalet, which formerly traded on NASDAQ, is now privately
held. As part of the acquisition, Versa made a substantial equity
investment in Vestis and has received financing in the form of a $180
million revolving line of credit with ample undrawn availability to fund
ongoing working capital needs.

The combination of Sport Chalet with Vestis's East Coast-based retailers
Bob's and EMS creates one of the country’s largest outdoor-focused
retail groups, with more than 150 stores and $800 million in annual
sales. The new Vestis, through its three distinct brands and a national
footprint, offers an impressive assortment of branded technical,
performance and lifestyle merchandise, and customer and specialty
services combined with a unique and scalable online presence.

"We are very excited to add Sport Chalet to the Vestis portfolio. Sport
Chalet strengthens our position in the active lifestyle and outdoor
categories, provides scale from which to grow, and diversifies our
geographic footprint," stated Mark Walsh, Vestis CEO. "We believe that
Sport Chalet will benefit greatly from its addition to Vestis. With the
talent and resources that already exist within the Vestis family, we
envision a multitude of programs that will leverage the knowledge,
talent, and relationships of our three retail brands to the benefit of
customers and vendors alike."

Craig L. Levra will remain in his position as CEO at Sport Chalet and
continue to run that business out of the present Los Angeles-area
office, reporting to Vestis CEO Mark Walsh. Vestis's corporate
headquarters will remain in Meriden, CT. Vestis does not anticipate any
Sport Chalet store closings as a result of this transaction. Sport
Chalet, Bob's and EMS will each continue to operate under their
respective brands.

Mr. Levra said, “We look forward to working with our new colleagues at
Vestis, a company that understands our customers, our market and our
vendors, and has the financial resources to help us grow the business."

Gregory L. Segall, Chairman of Vestis and CEO of Versa Capital
Management, stated, "We are pleased to broaden the geographic scale and
technological capabilities of Vestis with the addition of Sport Chalet.
We believe the combination of Vestis's well-recognized brands will
generate significant operational enhancements and enable each brand to
continue to deliver great products and service to its customers."

Based in Connecticut, Vestis Retail Group, formed by Versa Capital
Management, operates Bob’s Stores, Eastern Mountain Sports and Sport
Chalet. Bob’s is a 60-year-old, award-winning Northeastern retailer of
value-oriented footwear, apparel and work wear. EMS is the second
largest U.S. multi-channel retailer of human-powered outdoor sports
apparel and equipment with stores in the Northeastern and Mid-Atlantic
states. Founded in 1959, Sport Chalet is a premier, full service
specialty sporting goods retailer operating stores in Arizona,
California, Nevada and Utah and featuring the industry’s top sports
brands in apparel, footwear, and sports equipment. More information is
available at www.bobstores.com,
www.ems.com
and www.sportchalet.com.

About Versa Capital Management, LLC

Based in Philadelphia, PA, Versa Capital Management is a private equity
investment firm with more than $1.4 billion of assets under management
focused on control investments in special situations involving middle
market companies where value and performance growth can be achieved
through enhanced operational and financial management. Versa's portfolio
includes retailers Avenue Stores, Sport Chalet, EMS and Bob's Stores;
restaurants such as Black Angus Steakhouses; community newspapers under
Civitas Media; and manufacturers that service a variety of industries.
More information can be found at www.versa.com.

Forward Looking Statements

Certain statements made herein, including, for example, the potential
benefits of the acquisition of Sport Chalet, are “forward-looking
statements” within the meaning of the Private Securities Litigation
Reform Act of 1995, Section 27A of the Securities Act of 1933 and
Section 21E of the Securities Exchange Act of 1934. These
forward-looking statements reflect the current analysis of existing
information and are subject to various risks and uncertainties. As a
result, caution must be exercised in relying on forward-looking
statements. Due to known and unknown risks, our actual results may
differ materially from our expectations or projections.